12, April 2013

GBP/USD (a 4-hour chart)

GBP/USD (a 4-hour chart)

General overview

The British currency does not show significant movements against the dollar. The pair went to the key resistance level 1.5350 due to high demand among investors. The pair continues to move upward, breaking the 1.5350 level, reaching a new high at 1.5370.

The pound indicates an increase in demand for foreign currency without the support of political or economic factors, we expect the pair will continue to grow in the future.

U.S. data due out today, it is worth attention. Experts believe that retail sales will not grow during the second month, and the index to decline to 0.5% in relation to the value of the previous month.

Tenkan-Sen line is above the Kijun-Sen. Tenkan-Sen and Kijun-Sen are going downwards. The Cloud is growing.

The pair keeps growing. The first target is 1.5360. If the pair consolidates on it will continue to grow to 1.5460.

Bollinger Bands are growing. The growth shall continue.

MACD is above a zero line. The indicator keeps growing. If MACD turns down that could be a signal of the direction change.

Trading recommendations

The pair continues to grow in spite of the fact that it has already achieved an important resistance level 1.5350. Chances that it will get to the level 1.5450 are quite high. On Friday, the weak U.S. data may give further impulse to the growth and the pound can grow to the level 1.5450 (1.5480).